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ESMA supervisory briefing on algorithmic trading in the EU

Inside Barcelona Stock Exchange
Photo: Horacio Villalobos/Corbis via Getty Images

Ben Maconick | CMS, Tom Callaby | CMS

6 min read
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Key points and practical implications in the areas of governance, testing, outsourcing, and pre-trade controls.

The European Securities and Markets Authority (ESMA) published a supervisory briefing providing guidance on algorithmic trading under MiFID II on February 26, 2026. The briefing draws on insights from the 2022 Common Supervisory Action (CSA) on pre-trade controls, as well as ongoing supervisory experience and discussions with national competent authorities

While the briefing

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